-
Fred's Q4 net income surges 48% on store upgrades
Memphis, Tenn. -- Fred's reported Thursday that net income for the quarter ended Jan. 29 rose 48% to $8.6 million, compared with $5.8 million in the year-ago period.
The discount retailer cited a better merchandise selection and store upgrades for the improved performance, which topped Wall Street expectations.
Revenue rose 3% to $485.6 million from $473.1 million, missing analysts’ forecast of $487.3 million in revenue. Same-store sales rose 2.3%. -
Fred's 4Q earnings up by nearly 50%
MEMPHIS, Tenn. -- In yet another example of how discount stores are dominating the retail industry these days, Fred's Inc. reported strong earnings and sales growth for its fiscal fourth quarter. The company reported fourth-quarter net income of $8.6 million, or 22 cents per diluted share, a 49% increase over last year's reported net income of $5.8 million or 15 cents per diluted share. For the year ended Jan.